China’s young generation powering gold rush

JINAN/GUIYANG — Gold had once lost its popularity in China as mainstream consumers turned to diamonds and other gems due to changing consumption perceptions. However, the precious metal has regained its lost glitter as a new gold rush is on, with China’s younger population leading the way. According to China Gold Association, in 2023, the national gold consumption reached nearly 1,090 tons, an increase of 8.78 percent year-on-year. Of the total, the gold jewelry consumption hit 706.48 tons, a year-on-year increase of 7.97 percent, and the old bars and coins saw 299.6 tons, up 15.7 percent year-on-year. The young population aged between 25 and 34 became the main force of gold consumption, with their proportion up from 16 percent to…